The Recruiting News
Jobvite Secures $15 Million in Series C Funding
(May 19, 2011)
Leading Recruitment Technology Innovator Raises Capital to Support Rapid Growth
Jobvite, creator of next-generation recruiting solutions, today announced it received $15 million in Series C funding led by Trident Capital and joined by previous investors CMEA Capital and ATA Ventures. The funding will support rapid growth at Jobvite, whose customer base is now 600% the size it was two years ago. Social recruiting applications by Jobvite are now used by over 500 companies, such as Whole Foods Market, Starbucks Coffee Company, Zappos.com, Inc., Yelp and Twitter.
Jobvite provides social recruiting technologies on a subscription basis that work across social networks. The company's enterprise solutions are proven to perform at the scale and with the reliability required by world-class companies. Jobvite's social recruiting solutions lead the market in their proven ability to drive referral hires. Jobvite enables jobs to be shared across social networks, on websites and via email not just by recruiters and hiring managers but by every employee of its client companies.
Jobvite provides every employee of its client company with a Jobvite account and the ability to share jobs with their friends and professional network according to their personal settings. The company's Software-as-a-Service products automate all of the steps in the hiring process and provide complete visibility via real time analytics. These analytics allow managers to see the status of searches, identify areas for improvement and optimize recruiting spend.
"The widespread adoption of social media is changing how people find jobs," said Dan Finnigan, President and Chief Executive Officer, Jobvite. "We are leading the way to provide the new technologies companies need to find and engage quality employees where they socialize. This investment will allow us to accelerate the reshaping of the multi-billion dollar online recruitment market."
Jobvite pioneered the social recruiting category in 2009 by introducing the first recruiting platform integrated into LinkedIn, Facebook and Twitter, as well as a Facebook application for recruiting. Any job can be converted into a Jobvite, a job invitation that can be seamlessly matched, shared and tracked across multiple social networks. The company has since added hundreds of networks, increased its matching technology sophistication based on millions of hiring transactions, and introduced intelligence that analyzes recruitment marketing results anywhere on the open, social web.
Customers dramatically increase low-cost and high quality referral hires with Jobvite. Jobvite customers hire 10% of referral applicants compared to 1% of general applicants. "Because of employee sharing of Jobvites, we've grown referrals to 31% of all hiring. The Jobvite platform powers a pipeline of quality talent we would not otherwise reach – and have come to rely upon in an extremely competitive hiring environment," said Peter Navin, Senior Vice President of Human Resources at Shutterfly.
TiVo: Referral hires have risen from 23% to 39% after three years with Jobvite.
Shutterfly: Makes 31% of hires through referrals; referral candidates are hired at 12 times the rate of applicants from other sources. Yelp: The free Jobvite channel accounts for 9% of total hires and referrals have increased from 31% to 40% this year. John Moragne, Senior Managing Director and Co-Founder, Trident Capital, will join the company's Board of Directors. "Jobvite is the clear leader in social recruiting," said Moragne. "Many key online categories are being transformed by social media and Jobvite is leading the disintermediation of the multi-billion dollar recruitment space having built a company with considerable revenue and traction during a challenging economic climate."
Jobvite offers the first and only recruiting platform built for the social web:
Jobvite Source is a social sourcing and recruiter candidate relationship manager application for the open web. Jobvite Hire is a socially enabled applicant tracking platform used by companies to manage the entire business process of hiring. Both products include Jobvite social recruiting and employee referral technology as well as Work With Us, Jobvite's Facebook application for recruiting.
Jobvite is the only recruiting software platform that delivers real-time recruiting intelligence with innovative technology for the evolving social web. Today's fastest-growing companies use applicant tracking, CRM and social recruiting solutions from Jobvite to target the right talent and build the best teams. Jobvite is a complete, modular Software-as-a-Service (SaaS) platform which can optimize the speed, cost-effectiveness and ease of recruiting for any company. For more information, visit www.jobvite.com.
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